In 2025, India’s IPO market continues to witness strong activity, with niche companies tapping capital markets for growth. Midwest Ltd., a prominent producer and exporter of natural stones and granite, is opening its IPO on October 15, 2025, providing investors with an opportunity to participate in a company with both domestic and global presence.
About Midwest Ltd.
Incorporated in 1981, Midwest Ltd. is engaged in exploration, mining, processing, marketing, distribution, and export of natural stones. The company is particularly known for Black Galaxy Granite, which is distinguished by its sparkling golden flakes.
Midwest operates 16 granite mines across six locations in Telangana and Andhra Pradesh, producing a variety of granite types, including Black Galaxy, Absolute Black, and Tan Brown. The company also has processing facilities in Telangana and Andhra Pradesh to enable large-scale finishing. In addition, it has identified 25 additional resource locations across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu for future mining operations.
Global Presence: Midwest exports to 17 countries across five continents, with key markets including China, Italy, and Thailand. Notable clients include MP STENEKO AB (Sweden), GI-MA STONE SRL (Italy), Quanzhou Xingguang Stone Co., Ltd. (China), King Marble and Granite Co., Ltd. (Thailand), among others.
Workforce: As of June 30, 2025, Midwest employs 1,326 personnel, comprising 475 permanent employees, 822 contract workers, and 29 consultants.
Midwest Ltd. IPO Details
The Midwest Ltd. IPO is a book-building issue of ₹451 crore, comprising a fresh issue of 0.23 crore shares aggregating ₹250 crore and an offer for sale of 0.19 crore shares aggregating ₹201 crore.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Oct 15, 2025 |
| IPO Close Date | Oct 17, 2025 |
| Tentative Allotment | Oct 20, 2025 |
| Initiation of Refunds | Oct 23, 2025 |
| Credit of Shares to Demat | Oct 23, 2025 |
| Tentative Listing Date | Oct 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 17, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹5 per share |
| Issue Price Band | ₹1,014 – ₹1,065 per share |
| Lot Size | 14 shares |
| Total Issue Size | 42,34,740 shares (₹451 Cr) |
| Fresh Issue | 23,47,417 shares (₹250 Cr) |
| Offer for Sale | 18,87,323 shares (₹201 Cr) |
| Employee Discount | ₹101 per share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 3,38,12,415 shares |
| Shareholding Post-Issue | 3,61,59,832 shares |
Investor Category Reservation:
- QIB: Not more than 50% of net offer
- Retail: Not less than 35% of net offer
- NII: Not less than 15% of net offer
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 14 | ₹14,910 |
| Retail (Max) | 13 | 182 | ₹1,93,830 |
| S-HNI (Min) | 14 | 196 | ₹2,08,740 |
| S-HNI (Max) | 67 | 938 | ₹9,98,970 |
| B-HNI (Min) | 68 | 952 | ₹10,13,880 |
Promoter Holding:
Promoters include Mr. Kollareddy Rama Raghava Reddy, Mr. Kollareddy Ramachandra, Mrs. Kukreti Soumya, and Mrs. Uma Priyadarshini Kollareddy.
- Pre-IPO: 95.83%
- Post-IPO: 84.39%
Book Running Lead Manager: Dam Capital Advisors Ltd.
Registrar: Kfin Technologies Ltd.
Midwest Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,082.81 | 1,058.70 | 757.12 | 656.00 |
| Total Income | 146.47 | 643.14 | 603.33 | 522.23 |
| Profit After Tax | 24.38 | 133.30 | 100.32 | 54.44 |
| EBITDA | 38.97 | 171.78 | 151.44 | 89.59 |
| Net Worth | 577.03 | 553.69 | 421.93 | 334.92 |
| Reserves & Surplus | 625.60 | 602.26 | 484.86 | 408.88 |
| Total Borrowing | 270.11 | 236.61 | 120.48 | 149.08 |
Key Performance Indicators (KPI):
- Market Cap: ₹3,851.02 Cr
- ROE: 19.42%
- ROCE: 18.84%
- Debt/Equity: 0.43
- RoNW: 22.11%
- PAT Margin: 17.17%
- EBITDA Margin: 27.43%
- Price to Book Value: 6.50
- EPS Pre-IPO: ₹39.42 | Post-IPO: ₹26.97
- P/E Pre-IPO: 27.01x | Post-IPO: 39.49x
Midwest IPO Objectives
| Object | Amount (₹ Million) |
| Funding capital expenditure by Midwest Neostone for the Phase II Quartz Processing Plant | 1,270.49 |
| Purchase of Electric Dump Trucks for the Company and APGM subsidiary | 257.55 |
| Capital expenditure for solar energy integration at certain mines | 32.56 |
| Prepayment/repayment of borrowings for the Company and APGM subsidiary | 538.00 |
| General Corporate Purposes | Balance |
Industry Outlook
The natural stone and granite industry in India is witnessing steady growth, driven by:
- Rising demand in construction sectors
- Expansion of exports to high-demand markets such as Europe, China, and Thailand
- Strong position of Black Galaxy and Absolute Black granite in premium segments
- Increasing adoption of technology in processing for quality and scalability
Midwest Ltd., with its integrated mines, processing facilities, and strong export network, is positioned to benefit from these growth trends.
Midwest IPO: Peer Comparison
Midwest IPO can be compared with listed peers such as Pokarna Limited, Aro Granite Industries Limited, Oriental Trimex Limited, MSP Granites Limited, and HMG Stones Limited. Analysing these companies provides valuable insights into Midwest’s standing within the natural stone and granite industry, helping investors evaluate its scale, profitability, and market position before making investment decisions.
Also Read:
- Sihora Industries IPO Opens: Key Details Investors Shouldn’t Miss
- SK Minerals & Additives IPO Opens: Key Details Investors Shouldn’t Miss
- Canara HSBC Life Insurance Co. Ltd. IPO Opens: Key Details Investors Shouldn’t Miss
- Canara Robeco Asset Management Co. Ltd. IPO Opens: Key Details Investors Shouldn’t Miss
- Rubicon Research Ltd. IPO Opens: Key Details Investors Shouldn’t Miss
Conclusion
Midwest Ltd. presents an attractive investment opportunity in the natural stone sector, combining a strong domestic and international presence with a leadership position in high-value granite varieties. Its established workforce, resource base, and robust financials make it a compelling choice for investors. Potential risks include dependency on export markets, commodity price fluctuations, and operational expansion challenges.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
